When you can retire
Under current legislation, you can take your retirement savings anytime from age 55. If you are thinking about when to retire you’ll have lots to consider, including:
- How long you may need your retirement savings to last;
- When you are eligible for a State Pension; and
- How you want to spend your retirement savings.
The earlier you retire, the longer your money will need to last. It’s important to remember that your retirement savings might have to last for 30 years. Based on Office for National Statistics data, a 65-year-old man has a 50% chance of living to 87, and a 65-year-old woman has a 50% chance of living to 90.
Through your LifeSight Account you can access the ageOmeter. This tool will help you work out when you can afford to retire, and what changes you can make now to achieve your preferred retirement date.
In LifeSight, you will have access to the full range of retirement options without having to move your funds. You will also have access to free retirement guidance from HUB Financial Solutions.
You can also combine any of the options above. For example, you might want to take a tax-free cash lump sum, and then use drawdown or an annuity to provide yourself with a regular income afterwards. However, there may be tax implications with this approach, find out more in tax allowances and your retirement savings.
You can take up to 25% of your Account free of tax. However, the more you take as a lump sum, the less you’ll have left to draw down from or to buy an annuity.
Making a decision
If you’re unsure what to do, you can:
- Read LifeSight’s Your options at retirement
- Get help understanding your options at Pension Wise
- Contact an Independent Financial Adviser in your area at unbiased.co.uk
- Access your free session with HUB financial solutions (HUB). LifeSight will send you information about HUB once you are approaching your retirement.
If you are ready to retire
If you are planning your retirement please contact LifeSight to find out more about accessing your retirement savings.